Russia’s Prominent Bank Partners With JP Morgan To Roll Out A Cryptocurrency

Albeit the government of Russia making efforts to probe the launch of a CBDC, banks in the country have also seemed to have expressed their keen interest in digital assets. One of Russia’s largest state-owned banks revealed its enthusiasm towards rolling out its native digital asset along with a platform that aids in the trading of similar assets. A recent report by Reuters shed light on the launch of this project.

Russia’s Sberbank To Roll Out A Crypto Trading Platform

Cryptocurrencies have been subject to an immense backlash in the past. The assets have been publicly denounced by several authorities across the globe. However, they seem to have recognized the value and prospects of cryptocurrencies. Russia seems to be upping its crypto game. The country’s largest lender, Sberbank revealed that it was soon going roll out a crypto trading platform along with a cryptocurrency, Sbercoin. This project is reportedly the bank’s collaboration with JPMorgan.

The CEO of Sberbank, German Gref suggested that the bank would roll out the Sbercoin sometime next year. Back in July, the Russian government put forth a new law that allowed the trading of crypto, however, prohibited its citizens from employing digital assets as a payment method. Speaking to the RBC, a Russian news portal about that same, Gref said,

“From January 1, the law comes into force, we want to bring to the market our new blockchain platform, which will provide services for the purchase of digital financial assets.”

In other news, the officials at the Russian central bank, Bank of Russia recently revealed that they were against the launch of private stablecoins backed by the Russian ruble. As reported by Russia’s news agency, Prime, the authorities reportedly suggested that developers were allowed to use the central bank’s digital ruble and nothing else. The bank intends to ban private platforms from issuing stablecoins pegged to the country’s official currency.

Russia’s latest move led to several drawing similarities between the former’s and China’s move. China had also issued a blanket ban on stablecoins backed by the yuan. Speaking about the same, the deputy chairman of the Bank of Russia, Sergei Shvetsov said,

“I think that we are not far from this. At least, everything that will be used as a means of payment will be suppressed by us. We proceed from the assumption that the Russian Federation’s means of payment is the ruble.”

Sahana Kiran: Experienced Journalist with a demonstrated history of working in the online media industry. Skilled in Photography, Feature Writing, Journalism, Online Journalism, and Web Content Writing. Strong media and communication professional with a Bachelor of Arts - BA focused in Journalism